There is a new sheriff in town! And his name is Fiduciary. Given the new Department of Labor (DOL) Fiduciary rules regarding individual retirement arrangements (IRAs) and qualified retirement plans along with the retention of fixed immediate annuity contracts under the PTE 84 – 24 exemption, I believe the time has finally arrived to compel a more thorough and complete fixed immediate annuity pricing disclosure. If all you carriers out…
Category: 2017
A Blast from The Past SPIA Protection Unintentional Consequences
Several years ago, the old Presidential Life Insurance Company, Nyack New York (Presidential), issued a SPIA with very unique variability which, I helped design. Of course, this was prior to the Athene Life and Annuity Company (Athene) purchase in 2013. Up until the Athene purchase, tens of millions of dollars of premium were accepted by Presidential for the “Income & Legacy”, the marketing name for the SPIA. As fate would…
Joint & Survivor Annuity (qualified) Non-Spouse Creditor Protection
Weeks ago, I commented on Forbs post regarding establishing a “conduit trust” for a non-spousal IRA beneficiary, usually an adult child. The attorney was recommending such a trust from a creditor protection standpoint relative to the IRA beneficiary. In June of 2014, the Supreme Court ruled a non-spousal inheritance of an IRA isn’t protected as “retirement funds” relative to the non-spousal Beneficiary. Therefore, inherited IRA funds may be seized in…
